The Charlotte, North Carolina region encompassed by the Carolina Multiple Listing Service (CMLS) overall had a strong showing in the third quarter of 2015 as compared with the same quarter in 2014. The Carolina Mulitple Listing Service includes two states--North and South Carolina--with 10 counties covered in North Carolina and eight counties in South Carolina.
All the key metrics by which we measure how well our regional housing market does, pointed to ongoing improvement in the third quarter of 2015 versus the third quarter 2014. Fundamentally, home prices were up, closed sales were up, days on market were down, the overall months supply of home down. Charlotte region continues to experience a seller's market overall and this is reflected in the percent of original price received by sellers.
- Average Sale Price: +4.1% to $253,422 (median sale price was also up 5.6%)
- Closed Sales: +7.8%
- Days on Market: -19.1% at 55 average days on market
- Months Supply of Homes: -32.5% to 3.4 months of supply
- Inventory of Homes for Sale: -21.9%
While the performance for the Carolina Multiple Listing Service region was positive overall, the results for individual counties were somewhat more spotty. The largest counties (Mecklenburg, Union, Iredell, Cabarrus, Stanley, Gaston, York, Lancaster) closest to Charlotte and which serve as "bedroom communities" for Charlotte to a great extent, showed positive trends. However, a number of the more rural, outlying counties are somewhat struggling to recover or showing mixed results (Anson, Kershaw, Montgomery, Chesterfield). That being said, we did see some good improvement in several of the outlying, rural counties (Alexander, Chester).
The underlying message for home buyers: with continuing low interest rates, which are projected to increase in the coming year, now is the time to buy-- before the cost of both homes and mortgages goes up. And at the moment, we are not seeing anything on the horizon that would indicate that housing inventory will become much more plentiful in the late fall and early winter months. With less than four months of inventory, it is clearly a seller's market in the Charlotte region.
The underlying message for home sellers: now is the time to sell, whether you are looking for a move-up home or to scale down. Housing inventory is low and demand is still strong. And as a buyer, once you sell your home, you also get a chance to take advantage of affordable home prices and mortgage rates.
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